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Tuesday, 09 December 14
PRESSURE ON CHINA COAL MINERS TO CONTINUE DESPITE GOVERNMENT SUPPORT - FITCH
 COALspot.com: Fitch Ratings says that Chinese coal mining companies will continue to be pressured by low prices, which will persist despite recent government measures that have helped to arrest the downward trend. These measures, however, are not enough to meaningfully improve prices over the short term. Cost control and leverage reduction will be important strategies for companies to maintain stable credit quality.
Fitch Ratings further said, 2014 has been a difficult year for coal mining companies in China, with coal prices sliding by about 20% in the first 10 months of the year. Prices have been hurt by overcapacity in the industry, which has persisted since 2012. There was also lower demand for thermal coal stemming from one-off factors such as higher-than-average rainfall that boosted hydropower generation.
The government introduced measures to support the industry, including imposing import duties ranging from 3% to 6% for thermal and coking coal from mid-October 2014. This led to a 27% fall in coal import volume in November 2014 compared with a year ago. In addition, the government banned the domestic production as well as import of low-quality coal.
Together with a seasonal upswing in coal consumption, coal prices in China have stabilised recently. The Qinhuangdao 5500 kcal/kg free on board (FOB) coal price has risen by about 6% since the beginning of November 2014. Nonetheless, Fitch believes a meaningful upswing in coal prices is unlikely in the next 12 months. Substantial capacity investments in previous boom years are still being digested, while demand has been weakened due to industrial deceleration. In addition, the government aims to increase the production of renewable energy at the expense of the share of coal-fired power over the longer term, which means that the thermal coal consumption growth rate is set to decline.
While 2014 coal prices are comparable with 2009 levels, production costs are in general about 25%-30% higher than in 2009, driven by increases in staff expenses as well as governmental fees, such as land conversion fees and environmental protection fees. To combat lower prices, many Chinese coal producers have cut costs significantly. Yanzhou Coal Mining Company Limited has reduced its domestic mining cost per ton by 30% during the first three quarters of 2014 from a year earlier, thereby maintaining steady gross profits on a per ton basis. Fitch believes a continuation of similar efforts will be needed for coal companies to preserve cash flow.
When coal prices increased between 2009 and 2012, many coal producers undertook debt-funded capex and investments. With the reversal in coal prices, their leverage has climbed higher than they expected because the expected cash flow for debt reduction failed to materialise. Efforts to improve debt leverage amid continuing low prices will be crucial for companies to maintain stable credit profiles.
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Tuesday, 28 October 14
SGX'S FOB RICHARDS BAY COAL SWAP FOR DELIVERY Q1' 2015 CLOSED AT $ 68.07 ON 24 OCT
COALspot.com: API 4 FOB Richards Bay coal swap for Q4’ 2014 delivery decreased US$ 0.65 (-0.96%) month over month and increased US$ 1.79 (+2. ...
Tuesday, 28 October 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1' 15 DELIVERY CLOSED 3.68% LOWER MONTH ON MONTH
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week.
The swap has lost US ...
Monday, 27 October 14
GOVT PROMISES TO EASE LICENSING PROCEDURES IN MINING SECTOR - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to simplify the complicated licensing procedures i ...
Monday, 27 October 14
FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED $ 0.10 LESSER THAN Q4' 14 CLOSING OF $ 53.27 PMT
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.43 (-2.61%) month over month and increased US$ 0.05 (+0.09% ...
Monday, 27 October 14
CFR SOUTH CHINA COAL SWAPS PERFORMED POSITIVE THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 1.68 (-2.55%) month over month and increased US$ 0.87 (+1.3 ...
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- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- PTC India Limited - India
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
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